MarketAxess Holdings Inc. (MKTX) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | -75.33M | 158.87M | 90.16M | 103.71M | 29.63M | 176.25M | 95.09M | 118.85M | -4.95M | 141.69M | 79.16M | 105.39M | 7.53M | 134.23M | 85.1M | 93.64M | -23.73M | 145.71M | 62.81M | 96.73M |
| Operating CF Margin % | -32.28% | 76.6% | 42.82% | 46.24% | 14.32% | 87.35% | 45.73% | 60.25% | -2.34% | 72.83% | 45.76% | 58.6% | 3.7% | 75.45% | 49.44% | 51.38% | -12.8% | 88% | 38.63% | 54.69% |
| Operating CF Growth % | -354.24% | -9.86% | -5.18% | -12.73% | 698.69% | 24.39% | 20.12% | 12.77% | -165.75% | 5.56% | -6.98% | 12.56% | 131.72% | -7.88% | 35.48% | -3.19% | -2.47% | -35.98% | 229.91% | -7.75% |
| Net Income | 78.11M | 92.39M | 68.27M | 71.18M | 15.06M | 65.14M | 71.49M | 64.94M | 72.61M | 69.63M | 54.94M | 59.86M | 73.63M | 59.23M | 59.31M | 66.92M | 64.77M | 52.19M | 57.96M | 67.29M |
| Depreciation & Amortization | 21.14M | 21.59M | 21.58M | 21.06M | 20M | 20.15M | 20.52M | 20M | 19.8M | 21.18M | 19.05M | 18.35M | 17.83M | 17.21M | 16.54M | 16.64M | 16.77M | 16.35M | 15.65M | 14.8M |
| Stock-Based Compensation | 9.15M | 7.2M | 8.37M | 8.01M | 7.33M | 6.62M | 7.98M | 7.98M | 7.1M | 7.33M | 7.48M | 6.89M | 7.49M | 7.91M | 7.35M | 6.5M | 8.1M | 7M | 6.75M | 6.13M |
| Deferred Taxes | 211K | 5.86M | 16.86M | -582K | -124K | -2.06M | 638K | -1.12M | -1.34M | -313K | -3.06M | -1.01M | -1.43M | -3.2M | -1.18M | -1.52M | -643K | 80K | 1.44M | 1.01M |
| Other Non-Cash Items | 2.91M | -671K | 1.38M | 4.37M | -3.12M | 5.36M | -91.96M | -188K | 1.92M | -829K | 1.14M | 2.12M | -1.88M | 4.64M | -11.8M | 161K | -1.23M | -420K | 130K | -102K |
| Working Capital Changes | -186.85M | 32.26M | -26.3M | -326K | -9.53M | 81.03M | 86.42M | 27.25M | -105.05M | 44.69M | -395K | 19.18M | -88.1M | 48.45M | 14.88M | 4.93M | -111.5M | 70.51M | -19.12M | 7.6M |
| Change in Receivables | -28.8M | 112.47M | -65.06M | -26.9M | -145.92M | 119.52M | 112.39M | 73.21M | 11.24M | -130.36M | -63.87M | 80.56M | -74.48M | 109.8M | 41.23M | 93.91M | -307.71M | 134.98M | -57.42M | 59.5M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -34.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.75M | -27.4M | 37.52M | 3.93M | 89.13M | -50.88M | -120.5M | -63.78M | -79.52M | 169.47M | 82.73M | -36.95M | 5.44M | -24.27M | -36.7M | -84.06M | 231.08M | -72.48M | 25.2M | -34.04M |
| Cash from Investing | -19.26M | -16.93M | -11.82M | -51.03M | -17.15M | -11.67M | -41.52M | -17.92M | -15.83M | -91.67M | -15.85M | -15.01M | -32.75M | -18.12M | -12.51M | -44.82M | -10.82M | -11.4M | -12.95M | -31.01M |
| Capital Expenditures | -259K | -15.35M | -1.5M | -1.21M | -1.93M | -215K | 23.62M | -7.7M | -1.2M | -2.07M | -5.98M | -12.08M | -10.91M | -18.12M | -12.51M | -1.28M | -1.4M | -2.93M | -4.76M | -5.55M |
| CapEx % of Revenue | 0.11% | 7.4% | 0.71% | 0.54% | 0.93% | 0.11% | 11.36% | 3.9% | 0.57% | 1.06% | 3.46% | 6.72% | 5.37% | 10.19% | 7.27% | 0.71% | 0.75% | 1.77% | 2.93% | 3.14% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 172.54M | 219.4M | 168.47M | 169.35M | 166.11M | 165.26M | 167.21M | 135.91M | 135.83M | 134.86M | 132.84M | 109.04M | 106.67M | 83.79M | 33.29M | 34.3M | 35.88M | 36.08M | 35.77M | 35.84M |
| Other Investing | -17.09M | 0 | -11.49M | -48.02M | -15.03M | -10.83M | -56.22M | -10.5M | -13.96M | -11.32M | -10.09M | -11.03M | -32.54M | 49.97M | -445K | -43.54M | -9.43M | -8.47M | -8.19M | -8.38M |
| Cash from Financing | -28.66M | -108.44M | -81.61M | -65.25M | -77.07M | -44.91M | -42.45M | -61.47M | -52.54M | -36.27M | -23.11M | -39.53M | -48.14M | -26.9M | -28.43M | -100.58M | -86.47M | -70.16M | -26.85M | -73.92M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | -317.15M | -45.25M | -36.69M | -38.08M | -16.84M | -15.03M | -33.45M | -10.15M | -4.76M | -216K | -137K | -20.49M | -1.2M | -2.25M | -48.74M | -38.8M | -45M | -4.24M | -13.44M |
| Dividends Paid | -28.4M | -28.05M | -29.45M | -28.24M | -29.46M | -27.7M | -27.7M | -27.82M | -29.48M | -27.52M | -26.89M | -26.89M | -28.36M | -26.09M | -26.33M | -26.1M | -27.43M | -24.79M | -24.76M | -24.78M |
| Share Repurchases | 0 | -300M | -45.25M | -36.69M | -38.08M | -16.84M | -15.03M | -33.45M | -10.15M | 0 | 0 | -155K | -20.49M | -1.2M | -2.25M | -48.74M | -38.8M | -45M | -4.24M | -13.44M |
| Other Financing | -8.52M | 16.76M | -6.92M | -321K | -9.53M | -364K | 280K | -206K | -12.92M | 0 | 0 | -12.5M | 707K | 388K | 148K | -25.74M | -20.24M | -371K | 3.19M | -2.44M |
| Net Change in Cash | -127.61M | 46.81M | -7.68M | 6M | -56.01M | 100.45M | 25.88M | 38.97M | -76.51M | 22.78M | 31.57M | 54.69M | -70.02M | 103.83M | 39.94M | -71.3M | -125.37M | 61.77M | 18.56M | -7.44M |
| Free Cash Flow | -75.59M | 143.55M | 77.17M | 91M | 12.67M | 165.2M | 82.92M | 100.66M | -20.11M | 128.29M | 63.09M | 93.31M | -3.38M | 116.11M | 72.59M | 83.22M | -34.55M | 134.31M | 49.86M | 82.79M |
| FCF Margin % | -32.39% | 69.22% | 36.65% | 40.57% | 6.12% | 81.88% | 39.88% | 51.03% | -9.5% | 65.94% | 36.47% | 51.89% | -1.66% | 65.26% | 42.18% | 45.66% | -18.64% | 81.12% | 30.67% | 46.81% |
| FCF Growth % | -696.68% | -13.11% | -6.93% | -9.6% | 163% | 28.77% | 31.43% | 7.87% | -494.94% | 10.5% | -13.08% | 12.13% | 90.22% | -13.56% | 45.57% | 0.51% | 2.65% | -37.86% | 182.79% | -11.6% |
| FCF per Share | -2.14 | 3.90 | 2.08 | 2.44 | 0.34 | 4.39 | 2.20 | 2.67 | -0.53 | 3.39 | 1.68 | 2.48 | -0.09 | 3.09 | 1.93 | 2.21 | -0.91 | 3.53 | 1.31 | 2.17 |
| FCF Conversion (FCF/Net Income) | -0.97x | 1.72x | 1.32x | 1.46x | 1.97x | 2.71x | 1.33x | 1.83x | -0.07x | 2.03x | 1.44x | 1.76x | 0.10x | 2.27x | 1.43x | 1.40x | -0.37x | 2.79x | 1.08x | 1.44x |
| Interest Paid | 0 | 180K | 199K | 144K | 198K | 318K | 0 | 426K | 431K | 1.47M | 155K | 54K | 187K | -6K | 229K | 295K | 134K | 154K | 314K | 171K |
| Taxes Paid | 0 | 34.07M | 18.91M | 0 | 0 | 20.89M | 28.84M | 10.02M | 37.19M | 11.67M | 19.34M | 52.14M | 11.66M | 19.59M | 21.09M | 39.5M | 8.49M | 21.33M | 11.87M | 30.55M |